Organizational Sponsor: SEIU

Date: 10/26/2010

What’s At Stake

The Wall Street banks’ foreclosure system is a mess. Their total disregard for mortgage laws and standards is what created the foreclosure epidemic in the first place. Now, their total mismanagement is catching up to them. As of today, some of the largest mortgage lenders – JPMorgan Chase, Bank of America, and GMAC (now called Ally) – have been forced to halt foreclosures in 23 states and growing. We can’t rely on Wall Street banks to follow basic rules. We have to hold them accountable. At very least, they must provide the mortgage notes.

When Wall Street banks securitized, packaged, sold, and resold our mortgages, they created a system where it is often impossible to figure out who actually owns mortgage notes and therefore has the authority to foreclose on properties. But the big banks are getting tangled up in their own web. Recent events have exposed a handful of banks that are throwing families out of their homes even though they don’t have the mortgage note that proves they actually have a legal right to do so. There have been instances of two banks trying to foreclose on the same home, and in at least one case, of a bank trying to foreclose on a house where the homeowner had never even taken out a mortgage with anyone in the first place.

Whether you are facing foreclosure, have an underwater mortgage, or are just a concerned homeowner, it’s important that you contact your bank and demand to see the original note on your mortgage. It only takes a few minutes using our free online tool.

Act Now: Send a letter demanding to see your mortgage note. Use tool at this LINK for easy access.

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Title: How to Organize a Community Credit Union SymposiumLocation: The California Endowment 1111 Broadway, 7th Floor Oakland, CA 94607 Link out: Click hereDescription: Community Development Credit Unions (CDCUs) and Low-income Credit Unions (LICUs) are community-owned, financial cooperatives that offer affordable credit and financial products that build wealth in low- and moderate-income urban and rural communities nationwide. Also known as community development financial institutions (CDFIs), these institutions help residents of disadvantaged communities survive difficult economic times by by building a culture of a savings, providing shared equity and active member-ownership that places people before profits.

Organized by the National Federation of CDCUs (Federation) with support from the Center for Responsible Lending, and the Black Economic Council, this symposium,will provide participants with an introduction to credit unions and look at ways low-income and minority communities can take advantage of credit union services to provide economic opportunity. Whether reaching out to an existing credit union, or organizing your own, this symposium will provide you with the resources and tools needed to bring affordable and responsible financial services to your community!